IndexIQ Advisors LLC Grows Holdings in Beacon Roofing Supply, Inc. (BECN)

IndexIQ Advisors LLC raised its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 82.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,629 shares of the company’s stock after purchasing an additional 7,989 shares during the period. IndexIQ Advisors LLC’s holdings in Beacon Roofing Supply were worth $903,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Beacon Roofing Supply during the second quarter valued at about $100,000. Advisors Asset Management Inc. raised its position in Beacon Roofing Supply by 36.7% during the second quarter. Advisors Asset Management Inc. now owns 2,105 shares of the company’s stock valued at $103,000 after purchasing an additional 565 shares in the last quarter. Huntington National Bank raised its position in Beacon Roofing Supply by 3.8% during the second quarter. Huntington National Bank now owns 3,138 shares of the company’s stock valued at $154,000 after purchasing an additional 116 shares in the last quarter. Lloyds Banking Group plc increased its holdings in shares of Beacon Roofing Supply by 37.7% in the second quarter. Lloyds Banking Group plc now owns 3,694 shares of the company’s stock worth $180,000 after buying an additional 1,012 shares during the period. Finally, Advisor Group Inc. increased its holdings in shares of Beacon Roofing Supply by 8.9% in the second quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock worth $190,000 after buying an additional 316 shares during the period. Institutional investors and hedge funds own 90.12% of the company’s stock.

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) opened at $54.87 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $3,661.58, a PE ratio of 25.88, a P/E/G ratio of 2.52 and a beta of 1.45. Beacon Roofing Supply, Inc. has a 12 month low of $39.57 and a 12 month high of $56.36.

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Several research analysts have recently commented on the company. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a report on Friday. Wells Fargo & Company assumed coverage on Beacon Roofing Supply in a report on Wednesday, October 18th. They issued a “market perform” rating and a $58.00 price objective on the stock. KeyCorp reiterated a “buy” rating and issued a $56.00 price objective on shares of Beacon Roofing Supply in a report on Sunday, October 15th. Robert W. Baird reiterated a “buy” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a report on Thursday, October 12th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $53.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $53.17.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

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Institutional Ownership by Quarter for Beacon Roofing Supply (NASDAQ:BECN)

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